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Coverage from Singapore

Liquidity coverage by country.

Our desk is in Singapore, and Southeast Asia and the wider Asia-Pacific region are the core of our coverage. PrimeBrokerLiquidity provides institutional and FX liquidity to brokers, funds and trading firms based in — or serving clients in — each of the 35 markets below, with coverage reaching beyond Asia to the Middle East, Europe, Africa and the Americas. Coverage is wholesale: we are the liquidity counterparty behind a licensed firm, not a local licensee, and nothing here authorises a firm to operate in a market where it is not licensed. Each country guide sets out the supervising authority, the currency, the trading session and the practical points that shape a liquidity relationship in that jurisdiction.

35 markets Southeast Asia Asia-Pacific Middle East Europe Africa Americas

How coverage differs

Why a liquidity relationship looks different in each market.

The aggregated feed itself is global. What changes from market to market is the framework your firm sits inside, the currency you price in, and the hours in which your flow arrives. Four factors do most of the work.

01

Where your firm is licensed

Your own authorisation — not ours — determines who you may onboard, what you may offer them and on what terms. We contract with the licensed entity as a wholesale counterparty; the perimeter of your permissions is a question for your compliance function and local counsel.

02

How the currency trades

Some currencies are freely deliverable offshore; others are subject to local rules on non-resident holdings and are commonly traded offshore as non-deliverable forwards instead. Which treatment applies to a given pair is confirmed with the desk at onboarding, and where local law bites, with local counsel.

03

When your flow arrives

The FX week opens in Wellington and Sydney, then Tokyo, Singapore and Hong Kong, and runs continuously to the New York close on Friday. Our desk sits in that Asian session, so scoping starts from the hours in which Asian flow arrives. Depth is greatest where sessions overlap, so a book concentrated in Asian hours is scoped differently from one that runs on into the London and New York overlap.

04

What the market is used for

Some jurisdictions are primarily domestic client markets; others function mainly as licensing and booking bases for firms whose clients sit elsewhere. That distinction shapes instrument coverage, reporting and the shape of the credit conversation more than geography does.

RegionTypical supervisory patternCurrency & session context
Southeast AsiaSeparate national regulators and no common framework: the Monetary Authority of Singapore supervises Singapore's financial sector as a whole, the other five markets each have their own capital-markets supervisor, and the rules on margined FX differ from one market to the next.The main centres run on UTC+7 or UTC+8, inside the Asian session. Singapore is Asia's largest FX trading centre in the BIS Triennial Survey; the ringgit, rupiah, peso and dong are commonly traded offshore as non-deliverable forwards.
North Asia, South Asia & the PacificSeparate national regulators, from Japan's Financial Services Agency and Hong Kong's Securities and Futures Commission to SEBI in India and ASIC in Australia, plus Vanuatu as a licensing base for firms whose clients sit elsewhere.The trading week opens in New Zealand and Australia, then Tokyo and Hong Kong, the next-largest Asian FX centres after Singapore. The rupee is commonly traded offshore as a non-deliverable forward.
Middle EastFederal regimes sit alongside financial free zones that maintain their own rulebooks and courts, so two firms in the same country can be supervised under different frameworks.Gulf desks bridge the late Asian and early London sessions, which matters for firms running continuous books.
EuropeEU and EEA investment firms are authorised under the MiFID II framework by a national competent authority, with cross-border passporting available to authorised firms. The UK operates its own onshored regime under the FCA; Switzerland sits outside the EU under FINMA.Euro and sterling pricing is deepest through the London session. The United Kingdom is the largest FX trading centre by turnover in the BIS Triennial Central Bank Survey.
AfricaA mix of established conduct regulators with domestic client bases and island jurisdictions used mainly as licensing and booking bases for international firms.Local sessions overlap London for much of the day. The South African rand ranks among the most traded emerging-market currencies in the BIS Triennial Survey.
AmericasFrameworks differ sharply, from the federal futures and securities regimes of the United States to Canada's provincial commissions and the offshore licensing centres of the Caribbean.The New York session overlaps London and closes the trading week. Several Latin American currencies are commonly traded offshore as non-deliverable forwards.

Regional context only, and not legal, regulatory or tax advice. Regulatory perimeters and currency rules change; confirm the position for your entity and your client base with local counsel before relying on any of it.

Liquidity by country

Institutional & FX liquidity, market by market.

Thirty-five country guides, starting with Southeast Asia and the wider Asia-Pacific region, covering the supervising authority, currency, session and practical liquidity considerations in each market we reach — for brokers, funds and trading firms sourcing wholesale liquidity. PrimeBrokerLiquidity is the liquidity behind licensed firms, not a local licensee.

Southeast Asia — 6 markets

Southeast Asia is where our desk is based and the core of our coverage — and the region where currency treatment does most of the work. There is no common framework across the six markets: each has its own regulator, and how margined FX is treated varies by jurisdiction. Several of the region's currencies are not freely deliverable offshore and are commonly traded as non-deliverable forwards instead, so how a given pair is handled has to be confirmed with the desk at onboarding and, where local rules apply to your clients, with local counsel. Local working hours sit in the Asian session, with the regional afternoon running into the London open.

  • FX & institutional liquidity in Singapore — SGD; supervised by the Monetary Authority of Singapore, and one of the largest FX trading centres by turnover in the BIS Triennial Survey. PrimeBrokerLiquidity's desk is based here, as a wholesale counterparty rather than a MAS-licensed entity.
  • FX & institutional liquidity in Malaysia — MYR; capital markets supervised by the Securities Commission Malaysia. Offshore trading of the ringgit is restricted, so pair treatment is confirmed case by case.
  • FX & institutional liquidity in Indonesia — IDR; financial services supervised by OJK, with Bappebti overseeing commodity futures including margined FX. The rupiah is commonly traded offshore as a non-deliverable forward.
  • FX & institutional liquidity in Thailand — THB; capital markets supervised by the Thai SEC. Local rules on non-resident baht apply — a point to put to local counsel.
  • FX & institutional liquidity in Vietnam — VND; securities markets supervised by the State Securities Commission. The dong is not freely deliverable offshore.
  • FX & institutional liquidity in the Philippines — PHP; securities markets supervised by the SEC, with the Bangko Sentral ng Pilipinas as central bank. The peso is commonly traded offshore as a non-deliverable forward.

North Asia, South Asia & the Pacific — 6 markets

The rest of our Asia-Pacific coverage runs from the Pacific through North Asia to India, and it is just as varied. There is no common framework here either — each market has its own regulator — and currency treatment ranges from the yen, one of the three most traded currencies, to the rupee, which is commonly traded offshore as a non-deliverable forward. As in Southeast Asia, pair treatment is confirmed with the desk at onboarding and, where local rules apply to your clients, with local counsel. The trading week also opens here, in Wellington and Sydney before Tokyo and Hong Kong, which makes Asia-Pacific coverage structural rather than optional for a continuous book.

Middle East — 2 markets

The Gulf is the one region where the country alone does not tell you which rulebook applies. Alongside federal regimes, the United Arab Emirates hosts two financial free zones that operate their own regulators, rulebooks and courts, so two firms with a UAE address can be supervised under entirely different frameworks. Confirming which regime an entity sits in is the first step of any Gulf onboarding. Commercially, Gulf desks matter because they bridge the late Asian and early London sessions, which is where continuous books tend to thin.

Europe — 10 markets

Europe is the most standardised block we cover. Investment firms across the EU and EEA are authorised under the MiFID II framework by a national competent authority, and an authorised firm can passport its services cross-border, so one licence often supports a client base spread across several member states. Outside that bloc, the United Kingdom runs its own onshored regime under the FCA, Switzerland is supervised by FINMA, and Türkiye's capital markets sit under the Capital Markets Board. In practice this means European desks are usually asking about instrument coverage, reporting and markup configuration rather than about market access.

Africa — 5 markets

Africa splits cleanly into two groups. South Africa, Nigeria and Kenya have established conduct regulators and domestic client bases, so the liquidity conversation is about instrument coverage and local currency treatment. Seychelles and Mauritius function primarily as licensing and booking jurisdictions for firms distributing internationally, so the conversation there is about the shape of the entity, the reporting stream and where the underlying clients actually sit. Local sessions overlap London for much of the trading day, which keeps depth workable across the region.

Americas — 6 markets

The Americas span the widest range of frameworks of any region we cover. The United States operates federal futures and securities regimes whose perimeter differs materially from most other markets, and any US-facing plan should be put to US counsel before it is built. Canada supervises investment dealers through CIRO with provincial commissions coordinated through the CSA. Brazil and Mexico have established securities regulators and central banks, with the real commonly traded offshore as a non-deliverable forward while the peso trades freely. Belize and the British Virgin Islands are offshore licensing centres used by firms whose clients sit elsewhere. The New York session overlaps London and closes the trading week.

Country notes describe the market, not our permissions. PrimeBrokerLiquidity is a wholesale liquidity counterparty and is not a licensee in the markets listed above; nothing here is legal, regulatory or tax advice, or a representation that any firm may operate in a market where it is not authorised.

Using the country guides

What each country guide sets out.

Every guide follows the same structure, so you can compare two markets side by side before deciding where to license, where to book and which entity should hold the liquidity agreement.

The supervisory picture

Which authority supervises investment services in the market, and how firms serving clients there are typically structured. Read it as orientation, then confirm the perimeter for your entity with local counsel.

Currency and session

The local currency, whether it is freely deliverable offshore or usually traded as a non-deliverable forward, and where the market sits in the 24-hour FX day.

The liquidity relationship

What a wholesale feed into that market usually needs to cover — instrument set, connectivity, credit and reporting — and the questions the desk will ask at onboarding.

Country coverage is one axis; the service you buy is the other. If currencies are the priority, start with our forex liquidity provider service for brokers and funds. If you need bank-grade depth without a direct bank prime brokerage relationship, start with tier 1 liquidity provider access. If you run a funded-trader programme, start with liquidity for prop firms. All three sit behind the same Prime of Prime liquidity relationship, and the full multi-asset picture is on Liquidity Solutions.

Request liquidity

Source wholesale liquidity in your market.

Tell us where your firm is licensed and which markets you serve, and our institutional team will scope FX and multi-asset liquidity for your desk — wherever you operate.

Request Liquidity info@primebrokerliquidity.com